Facts in News

Facts in News

African Violet plant ( Environment & Ecology)

Recently, a new species of African Violet was found in Mizoram.

Key Points

• Scientific Name: Didymocarpus vickifunkiae (named after Vicki Ann Funk, a US-based botanist)
• It is an endangered species. 
  • It is an epiphyte (a plant that grows on trees) and produces light pink flowers during the monsoons.
  • Used as an indoor flower in European countries.
  • Other names: Saintpaulias
• Native Areas: Tanzania and Kenya (Africa).

Image Courtesy: Almanac

National Initiative for Developing and Harnessing Innovations (NIDHI) (Government Scheme)

Recently, the Department of Science and Technology (DST) under its initiative NIDHI4COVID2.0 (National Initiative for Developing and Harnessing Innovations) has invited applications from startups and companies for developing new technologies and innovative products to tackle the second wave of the Covid-19 pandemic. 

NIDHI4COVID2.0

• Administered by: National Science and Technology Entrepreneurship Development Board (NSTEDB) under the DST.
• Objective: Support indigenous solutions and innovative products to combat the crisis the country is currently facing due to the pandemic.
  • Promising startups will be provided with financial and mentoring support for scaling up their products or technologies.
• NIDHI is an umbrella program aimed at nurturing ideas and innovations (knowledge-based and technology-driven) into successful startups

Department of Science and Technology (DST)

• Works under the Ministry of Science and Technology.
• Major work: To promote new areas of S&T and to play the role of a nodal department for organizing, coordinating, and promoting Scientific and Technological activities in the country.

National Company Law Appellate Tribunal (NCLAT) (Governance)

Recently, the National Company Law Appellate Tribunal (NCLAT) has stayed the order of the National Company Law Tribunal (NCLT).

National Company Law Appellate Tribunal (NCLAT)

• It is a tribunal established under Section 410 of the Companies Act 2013.
  • Established in: 2016
  • Headquarters: New Delhi
  • Composition: Chairperson (should be/been judge of the Supreme Court or should be/been Chief Justice of the High Court) and not more than eleven members (judicial and technical members) in total.
• The Members shall be appointed on the recommendation of a Selection Committee consisting of:
  • Chief Justice of India or his nominee—Chairperson.
  • A senior Judge of the Supreme Court or a Chief Justice of the High Court— Member.
  • Secretary in the Ministry of Corporate Affairs—Member.
  • Secretary in the Ministry of Law and Justice—Member.
  • Secretary in the Department of Financial Services in the Ministry of Finance— Member.
• Term: 5 years for Chairperson and members and they can be reappointed for additional 5 years.
• The tribunal is responsible for hearing appeals from the orders of the National Company Law Tribunals, Insolvency and Bankruptcy Board of India, and Competition Commission of India (CCI).
• Its decisions may be appealed to the Supreme Court.

National Company Law Tribunal (NCLT)

• A quasi-judicial body established in 2016 (on the recommendations of the V. Balakrishna Eradi committee) under Section 408 of the Companies Act, 2013.
  • Principal Bench: New Delhi
• Objective: Adjudicates issues relating to Indian companies.
• Composition of NCLT bench: President, 16 judicial members, and 9 Technical members.
• NCLT has to adjudicate the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.

Argentine Ant (Science and Technology; Environment)

Recently, the researchers have successfully detected the environmental DNA (eDNA) of the Argentine ant in surface soil samples from Kobe’s Port Island and Kyoto’s Fushimi district (both in Japan).

Argentine Ant

• Native Areas: South America
• Scientific Name: Linepithema humile
• It is an invasive species and can cause a threat to pollinators.
• The IUCN (International Union for Conservation of Nature and Natural Resources) ranks it as one of the world’s worst 100 invasive species.

Image Courtesy: Gardners Path

Environmental DNA (eDNA)

• It is organismal DNA that can be found in the environment.
• Environmental DNA analysis allows researchers to comprehensively identify species that reside in an area, even if they no longer live there. 
• This in turn enables them to estimate and gain an understanding of the target species’ distribution. 
• Environmental DNA surveys are used in a wide range of research fields, including species conservation, ecology, taxonomy, microbiology, and paleontology.

Tigray Region (IR)

Recently, Ethiopia’s Tigray region is facing famine.

Key Points

• Ethiopia is Africa’s most populous country after Nigeria.
• Tigray region is located in northern Ethiopia. 
  • This region is the homeland of the Tigrayan, Irob, and Kunama peoples. 
  • Language: Tigrinya
  • Border Areas: Eritrea (North), Sudan (West), the Amhara Region (South), and the Afar Region (East and South East).
• In early November 2020, the region and the Ethiopian federal government entered into conflict, with some gunfire being reported in the capital of Tigray, Mekelle.

Image Courtesy: Voa News

Ricochet Impact (Indian Economy)

Recently, the International Monetary Fund (IMF) chief said that emerging-market nations’ struggle to move out of the COVID-19 pandemic-induced economic crisis can hurt developed and advanced nations.

• This struggle has been termed as the “Ricochet impact”.
  • Now, poorer nations are faced with the risk of interest rates increasing while their economies aren’t growing, and may find themselves “really strangled” to service debt, especially if it’s dollar-denominated

Ricochet

• It is a rebound, bounce, or skip off a surface, particularly in the case of a projectile.

International Monetary Fund (IMF)

• Established in: 1945
• Headquarters: Washington DC, United States.
• Objectives: reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development.

SEBI to appoint forensic auditors for listed firms (Indian Economy)

Recently, SEBI has released a notification to appoint forensic auditors for conducting forensic audits.

• The purpose is to conduct forensic audits of the financial statements of listed companies.
• During a forensic audit, an auditor seeks to derive evidence that could potentially be used in court.
• A forensic audit is used to uncover criminal behavior such as fraud or embezzlement.

Securities and Exchange Board of India (SEBI)

• It is the regulatory body for the securities and commodity market in India, and it is a statutory body established by an act of Parliament, SEBI Act, 1992.
  • Established in: 1992
  • Headquarters: Mumbai
  • Administered by: Ministry of Finance 
  • Composition: Chairman and 8 other members

K Shaped Recovery (Indian Economy)

After facing downfall due to COVID-19 and lockdown-like restrictions, not India’s real estate sector sees a K-shaped recovery.

Key Points

• A K-shaped recovery happens when different sections of an economy recover at starkly different rates.
• The economic performance of different sectors, industries, and groups within an economy always differ to some extent, but in a K-shaped recovery, some parts of the economy may see strong growth while others continue to decline.
• A K-shaped recovery describes the path of different disaggregated economic variables, such as income across different segments of society or employment in different industries.

Image Courtesy: Business Insider